Compliance Notice Requirements
The increasing compliance burden is particularly difficult for small and medium sized organizations, many with a one or two person HR department.
Did you know that the DOL requires that employers with health and welfare plans have in place an ERISA approved WRAP/SPD?
The two questions we hear most often from employers are: (1) What do we have to do to be compliant with Healthcare reform laws?… and (2) What can BASIC do to help us be compliant with ACA and ERISA? The Department of Labor states that: “One of the most important documents participants are entitled to receive automatically when becoming a participant of an ERISA-covered health benefit plan or a beneficiary receiving benefits under such a plan, is a summary of the plan, called the summary plan description or SPD.” The plan administrator [Employer] is legally obligated to provide to participants, free of charge, the SPD. The summary plan description is an important document that tells participants what the plan provides and how it operates. It provides information on when an employee can begin to participate in the plan, how service and benefits are calculated, when benefits become vested, when and in what form benefits are paid, and how to file a claim for benefits.” Additionally, Employers are also required to provide Model notices to employees, with strict guidelines to maintain compliance. If you are ever faced with an ERISA Audit, you will be asked to provide copies of the Group Health Benefit Plan SPD, Model Notices and other documents that were provided to employees. As an employer, do you understand the requirements and DOL’s enforcement (fines/penalties) if you are not able to provide the copies of these documents?
We have partnered with a national service provider who completes these documents for a clients at a discounted price. Call us today to learn more!
ACA/ERIA Compliance Notices
EMPLOYERS ARE REQUIRED BY LAW to provide employees with a variety of notices advising them of their rights and responsibilities. The Affordable Care Act (ACA) added to the already overwhelming amount of mandatory notices required for employers to remain compliant. Collecting and completing these notices are time-consuming – let us reduce the impact of this burden on your work load. Our plan document specialists deliver consultative support for your Fully-Insured or Self-Insured SPD requirements. We offer all required notices to our clients at no charge!
We have partnered with a national service provider who completed these documents for a clients at a discounted price. Call us today to learn more!
The Final Word on Compliance…
By using our technology and our services outlined above, our clients will become compliant and stay there with access to a customized Benefit/Compliance portal that will house all of your important required information.
A recently published ADP survey finds that healthcare reform and increasing compliance complexity “may drive outsourcing of benefits administration.” According to the survey, “forty-five percent of HR/benefits decision makers in midsized companies report that regulatory changes have made them more likely to outsource some or all of their benefits administration, as healthcare reform increases both the complexity and time required to administer benefits.”